Year-over-year, the 10-city Home Prices Index rose 7.3%, while the 20-city index rose 8.1% (economists had forecast an 8.2% rise). Phoenix led the nation with home prices rising 23.3% alongside its sharp drop in the unemployment rate.

Los Angeles home prices rose 12.1% in the last year, and 1% month-over-month.

All of these numbers are part of a larger trend that saw home price gains in all 20 metros for the first time in over two years.